The city of Yakima had "inadequate controls" over its financial reporting that led it to overstate its cash and investments for 2006 by nearly $9 million, according to the state Auditor's Office.
The Auditor's Office's Nov. 26 report said that while the state Legislature, state and federal agencies, and bondholders rely on financial statement information to make decisions, there were "material weaknesses in controls that adversely affect the City's ability to produce reliable financial statements."
The audit also found the city improperly included more than $1 million in consulting expenses incurred from 1999 to 2005 in the 2006 financial statements.
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The Auditor's Office's Nov. 26 report said that while the state Legislature, state and federal agencies, and bondholders rely on financial statement information to make decisions, there were "material weaknesses in controls that adversely affect the City's ability to produce reliable financial statements."
The audit also found the city improperly included more than $1 million in consulting expenses incurred from 1999 to 2005 in the 2006 financial statements.
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